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are thestreet.com. >> banking on the banks, j.p. morgan and wells fargo, two of the nations biggest lenders, with their earnings, what it means. the china challenge, the object that cals that american companies face to do business in one of the most important markets and how one start up is helping others by bringing investors together. we have all that and more coming up on "nightly business report," for friday, april 12th. good evening everyone, thank you for joining us, tyler is off tonight. our top story, record earnings from two of the nations biggest banks but stocks endeder their winning streak. j.p. morgan and wells fargo reported big profits but investors were not impressed focusing on a decline in the mortgage business. the worry is that weak loan demand could jeopardize the u.s. recovery. j.p. morgan's earnings jumped more than 30%, $.20 more than was estimated, that is not due to loan growth. revenueses fell, that was slightly below expectations. and a particular story at wells fargo, where profits soared, $.92 a share, beating estimates by $.04 a share. joining us with more ana
>>> stock of the day is a tie. wells fargo and j.p. morgan. both stocks are lower following earnings and we have becky to pretend it's the boyfriend shirt. >> in case brent muss berger is watching, that's all she's got. just that jacket. make sure you join us on monday. "squawk on the street" is next. >> and good friday morning. welcome to "squawk on the street." i'm scott walker and jim cramer live from the new york stock exchange. carl quintanilla is on assignment this morning. we do have breaking news we want to begin with. it has been reported that jc penney has hired blackstone for $1 million. blackstone is talking to banks to make a $500 million or greater five-year term loan to jc penney secured by inventory. blackstone is talking to three private equity firms who expressed interest in making an investment in the company. given where the stock price is currently trading it's unlikely that the company would look to raise equity now. it's my understanding that the time to raise equity would be later in the year once jc penney has time to try to improve its financial sta
banks, three of them u.s., bank of america, citibank, j.p. morgan chase, and there are three japanese banks. so as we saw in the clip that was presented earlier the libber scandal arose when it was discovered that banks were falsely inflating on or deflating rates to profit from trades or give the the impression that they were more creditworthy than they were. so what they did, in order to show profit, or to show that they were creditworthy. to date, i've highlighted the bank settlements and the supervisor avalos has also called out some of these settlements to date. as of june -- in june 2012 bar clay's paid 264 million to u.k. and u.k. regulators. usb was fined $1.5 billion by u.s., u.k., and swiss regulators in december 2012 and royal bank of disotland was find 612 million by u.s. and u.k. regulators in february of this year. in addition to these three banks, 12 of the 15 remaining banks contributing to the libber calculation are under investigation by u.s. ande and u.s. regulators, commodities trading commission and the u.s. department of justice. >> supervisor avalos: you have on
. morgan. i have it all here. so our swap providers are j.p. morgan, merrill, and goldman. >> supervisor avalos: how many of those were part of libor manipulation? >> if i were the chart it was j.p. morgan, just one. >> supervisor avalos: do you know how our airport swaps differ from the h&r museum swaps? >> i don't know the nature of the asian museum swap. that's all the information i have. thank you. >> good afternoon. jay hugy from the san francisco retirement system. retirement system staff and our consultants have been evaluating the potential libor related losses in the portfolio since the city of bawlt more filed its suit in the summer of 2012. we initiated this investigation or the evaluation pursuant to the retirement board's securities litigation policy which it adopted in 2005, and is an ongoing policy where we have consultants and staff routinely monitor securities litigation related to any potential holdings that we would have in the trust. the scope of our evaluation included all of our assets, all of our holdings that would have any kind of index to libor including but no
.com. >> banking on the banks, j.p. morgan and wells fargo, two of the nations biggest lenders, with their earnings, what it means. the china challenge, the object that cals that american companies face to do business in one of the most important markets and how one start up is helping others by bringing investors together. we have all that and more coming up on "nightly business report," for friday, april 12th. good evening everyone, thank you for joining us, tyler is off tonight. our top story, record earnings from two of the nations biggest banks but stocks endeder their winning streak. j.p. morgan and wells fargo reported big profits but investors were not impressed focusing on a decline in the mortgage business. the worry is that weak loan demand could jeopardize the u.s. recovery. j.p. morgan's earnings jumped more than 30%, $.20 more than was estimated, that is not due to loan growth. revenueses fell, that was slightly below expectations. and a particular story at wells fargo, where profits soared, $.92 a share, beating estimates by $.04 a share. joining us with more analysis, fred cannon, h
, j.p. morgan and wells fargo, two of the nations biggest lenders, with their earnings, what it means. the china challenge, the object that cals that american companies face to do business in one of the most important markets and how one start up is helping others by bringing investors together. we have all that and more coming up on "nightly business report," for friday, april 12th. good evening everyone, thank you for joining us, tyler is off tonight. our top story, record earnings from two of the nations biggest banks but stocks endeder their winning streak. j.p. morgan and wells fargo reported big profits but investors were not impressed focusing on a decline in the mortgage business. the worry is that weak loan demand could jeopardize the u.s. recovery. j.p. morgan's earnings jumped more than 30%, $.20 more than was estimated, that is not due to loan growth. revenueses fell, that was slightly below expectations. and a particular story at wells fargo, where profits soared, $.92 a share, beating estimates by $.04 a share. joining us with more analysis, fred cannon, he is the direct
. >> today was all about j.p. morgan and wells fargo, on monday, it's city group and wednesday, bank of america. are we going to hear the same story, the same themes from the banks in. >> you bet, these two set the scene, because they are the two belt weather stocks. next week we will hear great trading and good investment banking but the spreads are down, mortgage banking is is down. >> looking at the recommendations, the bank stocks that you are recommending right now, you have city and wells far he go. let's start with city. investors had to be patient for a long type. how much longer do they have to wait if you buy the stock at $44 a share? i think you still have to be patient. it's the biggest restructuring story in the u.s. economy. we do think they will continue to post good progress on the restructuring, number one. and number two the mortgage banking is is not a big revenue item for citi. >> tell us the thinking with welli in s far go. long-term, you think it's a good buy? >> long-term, everyone is worried about the short-term mortgage banking numbers as you talk about. that
cart. this is the area right near 560 mission street, the j.p. morgan chase building is there, this is the headquarters, ernst and young is there, dla piper, one of the largest law firms that i'm aware of is there and golden gate university is right next door, this is with 700 law students, that's all in exhibit a of our brief, so it's an area that has a lot of people in the afternoon looking for some lunch, quick lunch, and it's an area that can easily support one more restaurant. now, sorry, not one more restaurant but one food vending establishment, a small food cart. there have been some objections, we acknowledge there's been some objections to ms. pham's request, but we don't think they should carry any weight, there's been objections along the line, people said mixed greens serves vietnamese food, not correct, casa indian eat ri is around, not correct. ms. pham's permit if granted would impose some negative problems on people nearby that it would create a lot of crash, that it would create -- that it would be too noisy, that she would make a mess and not stop people fro
to borrow $1.75 billion in the bond market. the executive jumble at j.p. morgan continues with the coo. >>, they're returning to passenger service. >> we have a barrage of economic data, the central banks in the spotlight and the thursday's the day for the ecb, will they cut rates? of course, the busy earnings calendar continues. facebook, pfizer, gm all set to report later in the week. we are going move from this macro to micropicture which has not been as positive as some would leak. >> true. this is a fulcrumec week. the ability to be able to turn this market in either direction can be -- can be on the line this week. i have to tell you that the vibes out of europe are about trying to get growth again and all of the vibes out of the united states have been how to resurrect growth. europe is causing a slowdown. i think that when you see the iceland government that got them in trouble back. when you see the italian government wanting growth. when you see spain wanting growth. you see the germans investing in spain to want growth, that explains they're all up for the year. if you read
. concentrate on individual stocks, j.p. morgan, guess what, made more than 6 billion dollars in profit from january through march. 6 billion, not bad and it's raising its dividends. nicole, i've got to believe that that stock is up? >> well, let's see here now. it's not exactly up. it's down. it's down about 3/4 of 1% right now and you know, the good news is j.p. morgan is getting past the london situation, and litigation for that is tapering down. the major businesses did turn in tepid performance, revenue decline and jamie dimon, the ceo said that loan growth was soft and it's sort of a mixed bag. stuart: i can't get over it, 6 million dollars in three months and the stock goes down. >> not enough. stuart: it's not enough, i want more. all right, nicole, i want to move on to wells fargo. they made 5 billion dollars the first three months of the year and that stock is down 1.8% now. so there you have it, two big banks, very profitable. it's not good enough, the stock is down. so let's move on to j.c. penney. it's desperate for cash now, trying to raise a billion dollars. so give me the sto
components bank of america and j.p. morgan each down more than 2% and citigroup and morgan stanley also lower today as you see right there. abercrombie & fitch, the teen retailer led the s&p 500 on optimism about the overseas expansion plans and the company's target of 15% growth in annual earnings. shares of abercrombie up 4% on the day. >>> facebook holding an event tomorrow to unveil its new home on android and it got a vote of confidence from a jp analyst who said we'd be buying and repeated an overweight rating. shares were up over 3%. zynga is going a new neighborhood, launching zynga plus poker and zynga plus casino. real-money betting for gamblers in great britain. investors see those as positive for springa right now and positioning for online gambling down the road. the shares changed hands at five times their average volume gaining more than 14%. >> and the 2013 corn crop forecast is the biggest, you may have heard in 70 years and corn accounts for three-quarters of monsanto's seed sales. the company reported higher than expected earnings today and boosted its full-year guidance. s
it has and make a ton of money and at the same time, i go back over the quarters, j.p. morgan. really great quarter and wealth management and wells fargo, they own stores and people come in and they buy one thing and they take another and that's that cross selling. citi, net interest margin is terrific. rather remarkable expense control. citi was unchanged. wells is bad. stocks is bad and wells is good. the stocks, people want, in the end they look at this and say this is really terrific. coca-cola, 42, top. >> last thing on goldman, i do want to mention 12.4% return on equity and there are plenty of firms on the there that would kill for that number. >> they have put it up there above 10 for a while. morgan stanley, for example, would kill for those kinds of borrowing -- >> we'd kill for 7.7 growth for china and there's a lot of companies and countries that we should be more envious of, but we all just pull back and say that's all well and good about wells fargo and buy me 100 times. >> so you buy a hundred times johnson & johnson. >> beats by 4 cents. revenues were ahead. >> come on
losing ground as j.p. morgan downgrades the stock from neutral to overweight. it will lead the market in the republic of thailand. >> thank you very much. >> sit a hair raising story that has regulators taking action. do you know someone who is fearing baldness or is already bald? do not move. and russian president is not often shocked but you will see what made him gasp before the cameras and in front of the german leader. plus the battle of the billionaire boats. takes us inside the latest super yacht. >> the largest yat in the world has just hit the water. we will tell you how many football fields this thing could cover and wait until you see how fast this thing can go. coming up after the break. the american dream is of a better future, a confident retirement. those dreams have taken a beating lately. but no way we're going to let them die. ♪ ameriprise advisors can help keep your dreams alive like they helped millions of others. by listening. planning. working one on one. that's what ameriprise financial does. and that's what they can do with you. that's how ameriprise puts mor
financials have been dragging down this market as well. almost. j.p. morgan off three and three quarters percent. google reporting service disruptions to some of its popular applications. the company disclosed that on its website that six out of 13 applications have been having problems. for everyone who is affected we apologize. we know you count on google to work for you and we're working hard to restore normal operations for you. google is down almost 1.5%. >> bucking the trends, mattell trading higher. wow, almost three percent. held by tight cost controls. as for its barbie line, it was down 2%. >> embattled cruise lines making big headlines. plus, different rules for different people on the hill when it comes to trading. more on both of those stories when power lunch returns in two. >> 90 incidents at sea in the past five years. it was announced that 300 million dollars will be spent immediately on 24 ships. up to another 400 million dollars could be spent upgrading another 77 ships. on monday, the billionaire announced that he would voluntarily write a check for over $4 millions t
to the year. j. p. morgan-chase . wells fargo said it surpassed five billion and shows a significant slowing in the mort. the demand for loans has fallen and a worrying sign for the economy, shep. >> shepard: it was a great week for the 401 k's. but the market took a breather today. dow fell just about even. a fraction below . s&p 500 all down a few points as investors chew over the reports that show americans are feeling less confident about the economy . folks kept a tight grip on their wallet. >> yes, 4-10ths of a percent spent less . that was the drop in retail sales. in february sales had increased a full percent. it is a sign that the economy is feeling the affects of january's tax increases and a closely watched university of michigan survey shows consumer confidence in the lowest level. now they want to tax the rain. lawmakers want residents to pay for environmental clean up. the feds ordered the state to reduce run off in the chesapeake bay . so the rain tax as they are calling it, would charge folks for any surface that stops rainn from seeping in the ground. >> and roofs like and
fell 16. bank of america stock down almost 5%. j.p. morgan followed with a three and a half% decline. apple stock moving lower. recovering just slightly. down five and a half% today. managing the pop-up to 403 at the close. losing its title of the world's most valuable company, exxon mobile. commodities a week. the price of gold is down $4.70 per ounce. worries about global economic weakness. down $2 per barrel, just below $87. and in the bond market, investors buying bonds sending the yield down to 170%. well, a guest tonight says economic news is bring investors back to reality. he sees this as a short-term pullback. joining us now, chief investment strategist. it could to have you here. this is a little pause. not of fullblown correction. we are ready for the leg up. >> we are handicapping it as such. we are looking around and trying to tease out all the data like everyone else. what we are seeing is some sequential of slowing on a comparative basis with some of the data points that led off with the jobs report that came in. kind of a punk is no. 88,000, but coupled with the news
miss and stocks not reacting violently to the down side. >> i know we have the j.p. morgan analyst, john, next hour and everyone expected them to miss and perhaps the miss wasn't that bad as expected. that being said, 24% sales in asia pacific and that is a steep drop for a company that has made a big bet on that area. >> you see the move down in the charts and the man who has a huge amount of respect is able to say to the market today, we've taken action to align production costs and capital expenditures in line with our reduced output so the faith is still there, that it's well run in a bad macro economic environment which comes back to mcdonald's which you have a note out today from sus can dehanna which says it is executing across the world and it is stable in its market share or gaining and it is against it. that seems to be the major theme. >> another theme that's sort of emerged in these big companies, citigroup, as well is the strength of the latin american consumer and the latin american corporation. caterpillar noting that lshg, even though china continues to be weak and
the x-11. it didn't matter how well a bank did. wells fargo, very strong management, j.p. morgan, morgan stanley, they had tremendous exposure on the condition. that's why at times i had to dismiss it entirely at the moment if the co hart was radically outfavored. i never forgot them. instead, i figure out which ones at times can break the tug of the sector the graphtational pull and which ones can shine, because if the sector falls back into favor, i got to be ready. for example, remember the march bottom generational. we seen many sectors within those sectors at a poevenlt i like to listen to the earnings calls of all the retailers. given times, i am wrapped by the groups doing the best. by far, the best have been the discount stores, particularly the dollar stores, dollar general and dollar tree. when i see the market tied at retail, i go to reach for these two. because i know they have the most earnings momentum. i only know that because i keep listening to the calls, even though the group may have been out of favor of late. so when everyone calls into the regional etf, i tuesday rfh
bankrupt. so now the people who own it are j.p. morgan chase and two hedge funds. they're not going to give a damn about newspaper and editorial integrity. they'll be like koch brothers are paying more, take it. >> they're going to care what's in that newspaper as the private equity company that bought the twinkie cared what was inside it. you talk about rich guys buying newspapers cancer patients, aids patients, sick people are all paying for william randolph hearst making marijuana illegal. cenk: they're not buying the chicago tribune because they're interested in profit. these newspapers are bleeding money. they're buying it for the prop began at a marketing. i got to leave it there. we've got jason collins first interview, watershed moment. we'll discuss it when we come back. >> jack, how old are you? >> nine. >> this is what 27 tons of marijuana looks like. (vo) with award winning documentaries that take you inside the headlines, way inside. (vo) from the underworld, to the world of privilege. >> everyone in michael jackson's life was out to use him. (vo) no one brings you more documen
different stock. j.p. morgan. shearson things very important. grope to the both of them right now. a extremely well-managed companies in their industries, but well-managed companies. both of them, for example, exxon and its history, a major, major disaster. morgan had the london whale was bit a big hole in them as well. how the companies -- and it is not so much so these things happen, but how it is managed. i believe they pulled themselves together after this and respond to the criticisms. liz: i see your point. >> both companies, more importantly, great companies. growing their dividends faster. liz: you're not worried at all? then don't pass a stress test. you saw what happened. people lighting positions. >> is trying to happen. it will happen. it's how they manage. if you are xyz bank you say, this could be had dead know where this could defeat this company. liz: not morgan. >> and bp verses exxon. so how they manage the problems. and both, more important, the valuations of both companies are so low that they incorporate the fierce. the staff in washington, he will have to fac
are beginning this week and i would say wells fargo j.p. morgan is where i began and i agree with alcoa not being a bellwether anymore. wells fargo is almost one-third of the mortgages in the united states. bottom line, early refinancings and early signs of application, and refinancings are definitely lower. watch out for them. other companies, fifth-third, and suntrust all have mortgage exposure and this is one of the reasons the banks have underperformed recently. they're only up 7% and the rest of the market up 5%. >> tea lor morrison on wednesday and second ep in housing for ten years. new circuit breakers are now in the marks in the middle part of the day and we'll talk about that at 11:00 eastern time. guys, back to you. >> that's something that we haven't talked about as bob is always ahead of everything on post 9. let's talk about the dollar. rick santelli at the cme group in chicago. i hope you had a good weekend. >> absolutely good weekend. the two-day chart of ten-year note yields sets the stage for lots of thought especially as we embark on some supply this week on the longe
review since the morning. i spent the morning going over wells and j.p. morgan. i was too fixated on the mortgage line. the wells fargo cross-platform businesses they do. the wells fargo fee-based. i will say this, the wachovia deal which a lot of us felt was a bridge too far is a huge win and this wells fargo is beginning to look like a retailer that makes a lot of money every day. >> right. >> j.p. morgan was good, too, but the wells, look, if you're too fixated on any one line you'll miss the bigger picture and no one liked the mortgage line. they were also saying in the mortgage line, we said it wasn't going to be that good because they're such a good part of the mortgage money. every other line of wells was fabulous. so i went to withdraw any negative feeling i have just because again, this is one of those things, you read the story and you get it wrong. it's the conference call. the conference call was fabulous. i know you interviewed -- >> we did the cfo on "closing bell" of wells fargo and he said the mortgage is only 13% and something overall. that being said it had been
sure many people saw jamie dimon, ceo of j.p. morgan, his compensation was ut because of the london whale yesterday. people might say that is a great victory. i would say that to me it is more of a band-aid, trying to show the public. there needs to be a more systemic change in incentives. the truth is that human nature and greed is something we as a people in my mind cannot regulate. if one had to fault some of the protests that took place around wall street, you know, what i think is effective is protest something very simple and factual, like bring derivatives on to exchanges. outlaw proprietary trading. do not give people the ability to swing for the fences. you take away the product they are using to do that. i think you try to tell people you need to make less money or e are going to your pay at x amount does not -- i do not think that jibes with american capitalism as i see it. people should be able to get rich and make lots of money. i just think they should be required to do it in a transparent way that does not endanger other people. i think the easiest solution in my mind
. international aid. about helping j.p. morgan. if you want to reform it you have industries that of well connected come out and say we can't do anything to reform it. >> this isn't about the poor or those immoverrished. they spend $1 trillion a year in welfare means it testing. according to the senate gop budget committee that is $60,000 a year for anybody who is is below the poverty line. >> one of the ingredients we need it dynamic economic growth. we are growing at 0.4% a year. if we grow per year a lot of this would go away. >> here it is, guys. listen. the government spends all of the money marketing this because they know every american has a certain amount of pride and we can bring that back. don't tell person you you are bad person for liking gifts. you you have tex plane to people food stamps aren't a gift. living in your mother's basement until you are 27 isn't a guest. all these things perceived as gifts are really curses. if you you explain that to the american public they will buy it. >> we are out of time. >> we have more! >> sean: i know you have more. i have more are. a g
strict and are enacted. yesterday i am sure many people saw jamie dimon, ceo of j.p. morgan, his compensation was cut because of the london whale yesterday. people might say that is a great victory. i would say that to me it is more of a band-aid, trying to show the public. there needs to be a more systemic change in incentives. the truth is that human nature and agreed it is something we as a people in my mind cannot regulate. if one had to fall some of the protests that took place around wall street, what i think is effective is to protest something very simple and factual, like bring derivatives onto exchanges. outlaw proprietary trading. do not give people the ability to swing for the fences. you take away the product they are using to do that. i think you try to tell people you need to make less money or we are going to your pay at x amount does not -- i do not think that jibes with american capitalism as i see it. people should be able to get rich and make lots of money. i just think they should be required to do it in a transparent way that does not endanger other people.
. growth in assets. very muted so far. liz: j.p. morgan. wells fargo. all about the mortgages. will the housing recovery as it is because what do you expect that to be reflected? the huge share of the mortgage market? >> the big driver. the longer term story, we are getting aid to the mid to late ending. 30 percent of the market, if that goes down, unlikely they can make that up. i tend to think they're looking for a flat earnings growth. liz: to you anticipate any stain that? >> the capital market will put up a big quarter. one of the few names that took my estimates up. the question everyone else is a combination of capital markets and lending activities. so there will print a big number. the question is, does that mean anything in terms of the year estimates. under insured does of the stage. ashley: what you expected? >> large the in line. and their a company that is showing incredible strength and have been a gain. does not make them immune to the force of gravity, so i tend to think that the number will look good, i am not sure that your estimates are going higher. at ten
in japan, of which they have them. you wire your money to j.p. morgan. >> yep. i want to take a look at shares of facebook up almost 2.5%. we didn't get to it at the open of the show. >> right. >> gm returning to facebook with the testing of the mobile program. facebook, interesting article in "vanity fair." one of the great business workers talking about the transformation taken at facebook that we tend not to focus on as much. what an advertising they know and about all of the different people and how are they spending rnd? >> it is an underrated company at this point. if you remember, you were sitting over here, david when gm was pulling away from facebook. that was part of the ipo botching. maybe -- whether it be a domino ceo or soft good it is. >> how's digital media. mcstorm ak spice is putting a lot of mono are money, maybe they're doing facebook. there we go. >> we have a new record. >> there's an all-time high and you get that nice little animation. >> wow! >> it's taken a bit longer than the all-time closing and the intraday highs and the s&p finally catching up and, jim, i
and become a lawyer for bank of america. this is the most remarkable quarter where j.p. morgan beat them in credit card and pnc beats them in all lines, but in the end we got them here at the conference call because i just don't believe too could be that sluggish or that merrill could have such bad trading. there is a code here and i don't have it yet. i just don't believe that bank of america is this bad. i just don't think it's that much of an outlook. >> the stock is down, not a terrible move dunn. there was some litigation expense that perhaps was unexpected related to countrywide. the story in part has been let's release those litigation reserves that they've been building up, but not as much as had been hoped. that's still out there. >> you're taking a billion in costs and shouldn't you explore the earnings line? >> that's a lot of cost to take out, but you have to give credit, at least that they have been successful in doing what they said they would when it comes to costs. >> that's why i want to hear the conference call because i don't believe that this release is indicative lik
are sliding in early trading. bank shares are leading the decline. wells fargo and j.p. morgan reported high revenue. the commerce department says retail sales fell in march by the most in nine months. the dow is down 51. the nasdaq is down 21. s&p down 10. >>> top san francisco leaders will be hitting the sidewalks this morning. the city is celebrating it's first walk to work day. ktvu's brian flores, live in san francisco. he's all over this. what do you think? does this idea have legs, brian? >> dave, man, you are just the comedian this morning. [laughter] good morning to you, dave. hopefully it will have some legs. we're live here in the mission district. we're live in front of mama-are cafe. this is one location where people will be working to work later this morning. city supervisors will be meeting with ed lee to lace up sneakers as they walk to work today. they will be meeting mayor lee at ritual coffee rosters and then to octavia street and then city hall after that. organizers say even parking a few ploks away and perhaps -- blocks away and perhaps parking will keep with the spirit
to the labor department. j. p. morgan chase is recording higher first quarter profits than it originally expected. those profits come from releasing more than $1 billion set aside to offset potential losses. investors were not impressed by the gains saying they are not a true indication of demand for the bank services. as a result, shares fell 1% in premarket trading. for the time being, american airlines ceo tom horton will not receive his $20 million searches-- severance package. a federal bankruptcy judge says the law prevents such high- priced payouts, but the judge says they are willing to reconsider the request in the future. horton will use his position when they merge later in -- this year. >>> this is into the kron 4 newsroom. police look for a man trying to kidnap a 5-year-old boy that happened in front of an elementary school yesterday afternoon just after 2:30. police saying the suspect tried to pickup the young boy, but a staff member from the school actually intervened and then the suspect took off. the suspect described as a black man mid-30s, 5'10", 170 pounds with short
for it. >> kids took out the loans. it reminds me of the mortgage crisis, it's j.p. morgan's fault because he took a loan on a house he couldn't afford. i was a student i came out of graduate school without owing any money because you went to a graduate school i could afford. university of missouri, great university. they gave me scholarship money. i did some work study. you want to know something, i came out of there debt free. >> neil: good for you. >> hopefully everybody is responsible for what they do, charlie. no, this administration... they are protecting kids every day. >> you know what, i have actually no problem. i don't think the government should be handing out free money to anybody, particularly students. i don't like the fact the government is in the business of giving out student loans. if they need to make money to help pay the $17 trillion in debt. >> neil: on the p.r. level alone to have admit with the all the green investment debacles and then brag and single out, at least we're screwing students. it doesn't look right. you know what i mean. i commend them for fin
trading. bank shares are leading the decline. wells fargo and j.p. morgan reported high revenue. the commerce department says retail sales fell in march by the most in nine months. the dow is down 51. the nasdaq is down 21. s&p down 10. >>> top san francisco leaders will be hitting the sidewalks this morning. the city is celebrating it's first walk to work day. ktvu's brian flores, live in san francisco. he's all over this. what do you think? does this idea have legs, brian? >> dave, man, you are just the comedian this morning. [laughter] good morning to you, dave. hopefully it will have some legs. we're live here in the mission district. we're live in front of mama-are cafe. this is one location where people will be working to work later this morning. city supervisors will be meeting with ed lee to lace up sneakers as they walk to work today. they will be meeting mayor lee at ritual coffee rosters and then to octavia street and then city hall after that. organizers say even parking a few ploks away and perhaps -- blocks away and perhaps
a commonplace occurrence and right over to your right shoulder is the j.p. morgan building which in 1920 was bombed with a loss of life of 38 people. i don't mean to mine might see -- minimize any of this. it's truly a tragedy. cheryl: one of the things that seems to be a recurring thing is that now in 2006, terrorists were going after, taking the prudential building, the new york stock exchange. it seems there's a will to attack us financially. that's why cities like new york are always on, again, high alert when anything happens that threatens our nation. >> absolutely true. i do have to say and i'm sure you realize the security down here at the new york stock exchange, particularly since 9/11 is unbelievable. it's hard to attack. but you know, having said that, i don't think we can ever say that we're completely safe from smaller scale bombings like what happened in boston and again, i realize it may be a little bit callous to call it smaller scale but this is something that did not appear to be of a size of 9/11 or the madrid attacks, london attacks and for that we can be thankful an
the numbers because of the aluminum prices and cisco systems, and j.p. morgan and bank of america doing well, so, you do have some winners, certainly, stuart. >> thanks so much, nicole. the market has in fact opened down and the indications, that's the futures market, we're supposed to point the way, 20, 30 points higher and that's earlier in the day and we're 10, 11 points down after one minute of business, we do have another debt crisis in europe, same old same old and this one is from portugal and they struck down some of their austerity measures and fighting hard to avoid another bailout and then we have greece, they suspended the bank merger between the euro bank and both face nationalization and come back in, nicole, i'm looking at the national bank of greece, i don't know, as an indicator for greece generally and it's down 11%. what do you say? >> right away it's an indicator. and it it always tells the story, today when you look at it a new 52-week low. when you look over the last six months, it's down over 70%. so you're talking about our markets here in the states that are pushing
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